Venezuela feels the heat
Punishing US sanctions will continue to inflict heavy losses on the country’s oil sector
The Venezuela oil industry has been on a death spiral since 2016, with is roots in the short-sighted policies of presidents Hugo Chavez (1999-2013) and his successor Nicolas Maduro—made worse by the oil price fall of 2014. Both presidents destroyed the national oil company by politicising it, firing its most qualified workers and over-extracting resources from it. The partial expropriation of private operators and service contractors discouraged foreign investment in new projects. In 2019, the collapse trajectory was exacerbated by the imposition of oil sale sanctions by the US. In the last quarter of 2019, production had fallen to c.650,000-700,000bl/d, about half of the 1.3mn bl/d a year
Also in this section
21 April 2026
After overcoming a COVID-induced demand collapse with several years of successful market management, geopolitical events have conspired to provide the pact’s biggest test to date
21 April 2026
The regime’s policy of using nuclear ambiguity as a deterrent may have failed but it has realised it has other cards to play, while its neighbours are reappraising their approach to security
21 April 2026
As the global energy system undergoes a fundamental realignment, Algihaz Holdings has established itself as a critical player bridging conventional energy markets and the next generation of renewable infrastructure.
21 April 2026
The 25th WPC Energy Congress is taking place from 11-15 October 2026 at the Riyadh Front Exhibition & Conference Center.
